This Monday (20th), StarsPay announced its arrival in Mexico, offering its customers the possibility of accepting payments via SPEI, the “Mexican Pix.” This enables service for users in both Brazil and Mexico with a single integration, simplifying the operations for websites aiming to serve Latin America. The size of the Brazilian sports betting market, especially after legalization, is already well-known, but what about the strength of this activity in Mexico? Let’s take a look.
Sports Betting in Mexico
With over 127 million inhabitants, Mexico is second only to Brazil in population in Latin America. To put this into perspective, Colombia, which ranks third on the list, has less than half that number, with about 52 million. Therefore, serving both Brazil and Mexico is crucial for those looking to establish themselves in the region.
Moreover, Mexicans, like Brazilians, are known for their passion for sports. Unsurprisingly, soccer leads the interest, but sports such as boxing, baseball, basketball, and MMA also have a tradition in the country, while others like American football have gained significant popularity in the last decade.
In a survey by TGM conducted in 2022, 40% of respondents in Mexico said they had placed at least one sports bet in the previous 12 months. Among these, over 73% chose to bet online. Considering only those who said they place bets several times a week, the number was nearly 12%.
According to a Statista estimate, the online sports betting market in the country is expected to reach USD 1.24 billion in revenue in 2024. The company’s projection indicates constant growth over the next five years, reaching USD 1.86 billion in 2029. This means that in addition to already impressive figures, the market still has considerable potential.
Upcoming Challenges
As in Brazil, the sports betting industry in Mexico is poised to continue growing. Therefore, it is important to establish good practices for responsible gaming and public awareness. For operators, it is also crucial to effectively localize content, promotions, and initiatives, adapting them to the Latin American market. On the other hand, when it comes to payment operations, websites can rely on StarsPay for simple integration via SPEI.
